Russian Corporate Giants To Develop Projects In Blockchain

Russia Blockchain Deal

Projects in blockchain and the digital economy are being planned to be developed by multiple Russian corporate giants, including state-owned Gazprombank.

A joint venture, called as MF Technologies (MFT), has been created by Russian telecom company MegaFon, Gazprombank, government corporation Rostec, and the USM Group that is worth $450 mln and has a 59 percent stake in Russian Internet giant mail.ru.

The initiative intends to focus on improving digital financial solutions via Gazprombank resources.

MegaFon stated that MFT will:

“Allow partners to maximally effectively implement comprehensive, innovative projects across industries, to implement solutions based on blockchain technology and the Internet of Things,”

In addition, the CEO of MegaFon Sergey Soldatenkov announced that creating the separate joint venture is a “natural step in the implementation of our corporate strategy to achieve the ambitious goal of digital leadership.”

According to TASS, Rostec plans to utilize the expertise of the organization to produce digital technologies.

It was also reported last March that Gazprombank would start testing pilot cryptocurrency transactions in Switzerland, which makes this their much earlier attempt into the blockchain and crypto space.

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